Griswall Industries sells on terms of 2/10, net 30. Total sales for the year are $1,460,000. Thirty
Question:
Griswall Industries sells on terms of 2/10, net 30. Total sales for the year are $1,460,000. Thirty percent of the customers pay on the 10th day and take discounts; the other 70% pay, on average, 40 days after their purchases.
a. What is the days' sales outstanding?
b. What is the average amount of receivables?
c. What would happen to average receivables if Griswall toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?
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a 0310 0740 31 days b 1460000365 4000 sales per day 400031 124000 Aver...View the full answer
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